EU financial services

European Commission Eurostat

Description

Insurance
Industry, trade and services
Banks, insurance
Target audience: Specialised/Technical

Informations

• Publié par: EUROPEAN-COMMISSION-EUROSTAT
• Nombre de lectures: 6
• Langue: English

Extrait

Industry, trade and services Author: Michaela GRELL

EU Financial services: insurance

Insurance contributes in no small manner to economic growth and development in Europe. In 2006, insurance enterprises in the EU27 generated EUR 996bn in turnover (i.e. gross direct premiums written), employed over one million people and invested more than EUR 5 229bn in the economy. The structure of the insurance sector varies significantly across countries. The last part of this article takes a closer look at the role of insurance enterprises in national accounts. Nonlife insurance claims paid by financial corporations and the final consump tion expenditure of households for insurance are briefly analysed. Figure 1: Balance sheet total in % of GDP, 2006 230 140

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S t a t i s t i c s i n f o c u s 75/2008

Figure 1 below presents the relative size of the insurance sector in terms of balance sheet total as a share of GDP. In 2006, this percentage varied considerably from country to country.

Luxembourg stood well above other countries, with a total balance sheet reaching nearly EUR 77 772m, corresponding to 230% of GDP.

With less than 4% of GDP, the lowest shares were recorded in Latvia (around EUR 350m in absolute terms), Romania (EUR 2 417m), and Lithuania (EUR 795m), while in most other countries these proportions were significantly higher. In 16 of the 24 countries shown in Figure 1 this proportion was above the 10%mark; in ten countries it was higher than 30%.

0 LU UK SE DK NL FR DE IT PT AT CY FI ES SI CZ PL SK HU EL EE BG LT RO LV Exceptions to reference year 2006 Source: Eurostat (SBS) 2005 data: IT, FI, UK, IS; 2003 data: FR DE: excl. reinsurance Missing data: BE, IE and MT SI: excl. life and nonlife insurance (confidential) NACE Rev.1.1, Grou J 66 Insurance and ension fundin , exce t com ulsor social securit : This rou is art of the industrial branch ‘Financial intermediation’ and includes long– and shortterm risk spreading with or without a savings element. This ublication takes a closer look at two classes in this rou : 66.01 Life insurance: including life insurance and life reinsurance with or without a substantial savings element; 66.03 Nonlife insurance: includin insurance and reinsurance of nonlife insurance business accident; fire; health; propert ; motor, marine, aviation, transport; pecuniary loss and liability insurance).